Banking News

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With so many savers joining income investors in the hunt for high yields, being able to quickly understand and compare the numerous options available has become even more important. We therefore compare two of our most popular income investments to help understand what is driving their popularity and why they might meet your income needs. more

Children's Mutual launches first Shariah CTF

02 December 2005

The Children's Mutual has launched the UK's first Shariah-compliant Child Trust Fund (CTF) accounts, increasing the number of financial products that are geared towards the Muslim community.

The new account will allow families to make use of their government-issued CTF vouchers in line with their religious beliefs.

Chief executive of the Children's Mutual, David White, said: "We believe that many Muslim families have been unable to use their child's voucher because there hasn't been a suitable product on the market.

"What is vital for these families is that they act now, so their child isn't allocated an account that's not Shariah-compliant."

The Children's Mutual estimated over 100,000 British Muslim children could benefit from the new Shariah-compliant account.

There has been growing concern that CTF vouchers are lying uninvested in UK homes and CTF investment account providers have estimated 700,000 vouchers from the original batch have still not been put to good use.

However, there has been a 48 per cent uptake in vouchers since the government sent out reminders to parents to get them to invest the vouchers.